5.3.11 Summary of key messages

From: Financial Consumer Agency of Canada

  • You may be able to choose from a variety of sources of mortgage financing.
  • Negotiate to get the best deal when you take out a mortgage and when it is up for renewal. Consider both financial and non-financial aspects of a lender's mortgages and related services.
  • Consider using a mortgage broker to help find the best deal, but don't rely exclusively on a broker. Visit financial institutions directly to assess their offerings.
  • Balance the full costs against the potential benefits when you consider renegotiating a mortgage.
  • Be aware of your rights and responsibilities as a mortgage borrower.
  • Carefully consider the costs and benefits of reverse mortgages and other financing options that allow you to use the equity in your home.
  • Be alert to the possibility of fraud as a homeowner and a mortgage borrower.

At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage your mortgage successfully in the future. Use the action plan as a roadmap for financial action!

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